HCLTech NOVUS NextGen Claims
Business Situation
Claims: Opportunities to seize
$762.1B
Benefits and claims by life, annuity, benefits, and payouts by US carriers - 2019
11%
Defense, cost containment, and adjustment expenses as percentage of net premiums US P&C carriers - 2019
18%
of global claims having an element of fraud – Insurance Fraud Report 2020
$442.1B
P&C losses and adjustment expenses – ISO, Verisk Analytics business 2019
HCLTech Solution
Intake automation
Enabling automation of structured and unstructured intake data including handwritten text using AI/ML technologies; ability to orchestrate end-to-end processes using APIs.
- Reduce 40-80% effort from underlying manual processes
- Up to 75% automation of the underlying manual processes
- Up to 25% operational cost reduction
Enabled by HCLTech insurtech partner ecosystem
AI-based claim assessment
- Enable photo/video of the vehicle damage using app
- Upload to AI engine to validate and analyze damage
- Geo specific parts database for costs
- Repair/replace decision
- Detailed estimate and total loss prediction to carrier
Powered by HCLTech insurtech partner
Claims fraud solutions
- AI/SaaS-based fraud solutions to address a wide range of claims from opportunistic exaggerations to organized network fraud
- Leverage internal and 3rd party data to run scenarios
- Outlier detection across processes for health and benefits claims
- Powered by HCLTech digital & analytics and insurtech partners
Enabled by HCLTech insurtech partner ecosystem
Claim orchestration powered by HCLTech iAuto for Guidewire
- Automation specific to lines of business with an ability to switch on and off
- Driven by checkpoints which can be used to accommodate both manual and automated modes
- Define restrictive rules which enable automation using Boolean values for clear cut decisions
- Define guideline rules using scores to accommodate a nonbinary decision orchestration
Core system services
- Implement, upgrade, and maintain core systems - Guidewire, Duck Creek, eBao, and Snapsheet
- Develop, maintain, and consolidate - legacy product and homegrown systems
- Portfolio conversion/migration services
- Powered by 50+ accelerators from HCLTech to support partner products
Claim profiling and segmentation
- Leverage enterprise and third-party data to profile, segment claims, and generate reserve projections using advanced analytics
- Powered by HCLTech digital and analytics offerings and accelerators
Collaterals
Blogs
Blogs
Insurance Spotlight: Boost Productivity at the frontlines with covalent AI-Human agents
Insurance Spotlight: Boost Productivity at the frontlines with covalent AI-Human agents
Technology Advances that have the potential to upend the Auto Insurance Industry
Technology Advances that have the potential to upend the Auto Insurance Industry
Why should you use Business Analytics to reduce the claims leakage?
Why should you use Business Analytics to reduce the claims leakage?
Analytics Use Cases in Disability Claim Management
Analytics Use Cases in Disability Claim Management
White Papers
White Papers
Success stories
Automated Claims Processing
For a Large US commercial insurance company
x
Business Objective
- Regulation complying communication generation and transfer
- Improved claims handling
- Adjuster time and expenses being utilized per claim were more than dollar value of claims
HCLTech Solution
- Leveraged HCLTech’s iAuto framework to improve Straight Through Processing, automatic assignment and document generation.
- The framework was implemented for Ocean Marine Automated Payment, Workers’ Compensation Claim and Property & Inland Marine ‘Proof of Loss’
Key Benefits Delivered
- Reduced human intervention - 3000+ claims auto assigned
- 1000+ documents auto generated via rule-based automation
- Increased STP - Claims with a threshold of $150 auto settled
SI Partner for Core Transformation
For a leading mutual insurance company in the US
x
Business Objective
Customer faced following challenges -
- Difficulty in handling the bulk load of catastrophe claims
- Business user unable to spend / manage time in testing end-to-end scenarios
- Lack of self-service features for customers in FNOL
HCLTech Solution
- Implementation of FNOL portal from Guidewire
- Automation feature built to handle bulk volume of claims created during catastrophe, auto assigned to the specific adjuster group based on loss cause
- Development of digital iOS Adjuster apps for on-field usage
- Implementation of HCLTech Peak tool for Business user scenario testing
Key Benefits Delivered
- Increased operational efficiency by 15%
- Regression testing effort reduced by 40% by using HCLTech Peak tool
Claims modernization system
For a Fortune 500 US Financial services conglomerate
x
Business Objective
To ensure optimization of claims, insurer encouraged policy holders to install IOT devices at home to detect and prevent possible losses from catastrophic and non-catastrophic causes and required claims automation.
HCLTech Solution
- Self – service capabilities
- RPA solutions
- Surround system integration
- Claim specific digital solutions
- Common data integration
Key Benefits Delivered
- Operational efficiency increased by 5% - Self service capabilities
- Better use of Adjuster time and effort by 7 to 10% - self service capabilities and RPA Solutions